Money Personal Finance Statistics
Managing money may look different for everyone, from how we budget and spend, to how much we save or invest.
A survey on behalf of Self Financial asked 1,114 U.S. adults about their financial habits, savings, investments, and confidence around their finances. In this article, we take a look at how much people have set aside for emergency funds and savings, and how the survey population is generally managing their money.
Key statistics
- According to the latest available data from the Bureau of Labor Statistics, the average U.S. household spent 75.9% ($77,280) of its $101,805 pre-taxincome in 2023.
- In a survey on behalf of Self Financial, 77.3% of respondents cited rent or mortgage payments as one of their top three monthly expenses.
- More than half of respondents said they cut back on transport (55.3%), groceries(53.1%), and insurance premiums (52.7%) in the past year.
- Among those with savings, 47.1% had under $500 and 45.1% had between $500 and $999, with fewer than 8% reporting over $1,000.
- Just 49.9% of adults aged 18–26 said they regularly save money each month, compared to 75% of those aged 69 and over.
- A combined 97.4% of respondents felt at least somewhat confident in covering essential costs like housing and groceries.
- 50.5% said they had an emergency fund covering three months of expenses, while 49.5% did not.
An overview of personal expenses
According to the latest data from the Bureau of Labor Statistics (BLS), the average American household spent approximately 75.9% of its pre-tax income in 2023. That’s based on an average annual income of $101,805 and average yearly expenditures totaling $77,280. [1] Bureau of Labor Statistics. "Consumer Expenditures – 2023". Accessed June 18, 2025 https://www.bls.gov/news.release/cesan.nr0.htm
How Americans spend their money
In a survey on behalf of Self Financial, respondents revealed where that money goes each month. When asked to name their top three expenses, housing was the most cited, with 77.3% listing rent or mortgage payments. Groceries came next at 74.5%, followed closely by utilities – including electricity, water, and internet – at 73.6%.
| Expense | Percentage of respondents * |
|---|---|
| Rent/mortgage | 77.3% |
| Groceries | 74.5% |
| Utilities (electricity, water, internet) | 73.6% |
| Car payments | 73.3% |
| Childcare | 71.5% |
| Gas/transport | 70.9% |
| Insurance | 3.6% |
| Debt payments | 2.3% |
| Subscriptions (streaming, apps, etc.) | 1.2% |
| Other | 0.4% |
Data note: Respondents selected their top three biggest expenses.
Other commonly reported costs included car payments (73.3%), childcare (71.5%), and gas and transport (70.9%), while far fewer respondents selected subscriptions (1.2%), debt payments (2.3%), or insurance premiums (3.6%), suggesting that essential costs may be taking priority in household budgets.
Where Americans are spending less
Everyday expenses may be coming under greater scrutiny as Americans look for ways to cut costs. More than half of respondents reported cutting back on transport (55.3%), groceries (53.1%), and insurance premiums (52.7%) in the past 12 months.
| Expense | Percentage of respondents * |
|---|---|
| Transport | 55.3% |
| Groceries | 53.1% |
| Insurance premiums | 52.7% |
| Rent or mortgage payments | 49.8% |
| Utility bills | 49.6% |
| Childcare | 48.9% |
| Debt repayments (e.g. credit cards, loans) | 2.9% |
| Min savings | 2.7% |
| Mobile phone bills | 2.4% |
| Medical expenses (e.g. prescriptions, co-pays) | 2.0% |
Data note: Respondents selected all answers that applied to them.
Even core expenses like rent or mortgage payments (49.8%) and utilities (49.6%) saw significant cutbacks, suggesting that nearly half of the public are looking for ways to lower their housing costs or reduce their use of electricity, water, and other essentials.
How much savings do Americans have?
The personal saving rate in April 2025 was 4.9% up by 0.8% since the start of the year (January 2025). The saving rate is based on the percentage of disposable income, in other words, what’s left of people’s income once they pay taxes and spend money. [2] U.S. Bureau of Economic Analysis. "Personal Saving Rate". Accessed June 18, 2025 https://www.bea.gov/data/income-saving/personal-saving-rate
But how much of that money are people managing to put aside? Of those surveyed, just over half of people said that they save regularly each month, while 47.4% do not.
Among those with savings, nearly half (47.1%) reported having less than $500, while another 45.1% had between $500 and $999 set aside for savings. Fewer than 8% of respondents had $1,000 or more in savings. Suggesting that despite the majority regularly saving each month, it can be challenging to accumulate over the $1,000 mark and even harder to save up to $5,000 and $9,999, with only a minority (1.26%) managing to do so.
| Amount in savings | Percentage of respondents |
|---|---|
| Less than $500 | 47.12% |
| $500–$999 | 45.05% |
| $1,000–$4,999 | 4.14% |
| $10,000+ | 2.43% |
| $5,000–$9,999 | 1.26% |
Savings by age
Saving habits vary by age, with the generational divide clearly visible. While older generations have had more time to accumulate savings, the difference is also reflected in monthly habits. When asked whether they regularly save each month, just 49.9% of 18-26 year olds answered yes, the lowest of any age group – compared to 75% of those aged 69 and over.
The amount saved follows a similar pattern with age groups 59-68 and 69+ most likely to have larger savings balances, with half of both groups accruing $10,000 or more into their non-retirement savings.
At the other end of the scale, those aged between 18-26 were the least likely to have built up savings beyond $1,000. Nearly half (49.7%) had less than $500 in savings, and a further 47.8% had between $500 and $999, leaving just over 2% with more than $1,000 saved.
| Savings by Age | |||||
|---|---|---|---|---|---|
| Age Group | Less than $500 (%) | $500-$999 (%) | $1,000-$4,999(%) | $5,000-$9,999 (%) | $10,000+ (%) |
| Savings by Age | |||||
| 18–26 | 49.7% | 47.80% | 1.0% | 1.0% | 0.6% |
| 27–42 | 46.0% | 44.2% | 6.7% | 1.1% | 2.0% |
| 43–58 | 22.2% | 14.8% | 22.2% | 11.1% | 30.0% |
| 59–68 | 33.3% | 16.7% | 0% | 0.0% | 50.0% |
| 69+ | 25.0% | 25.0% | 0% | 0.0% | 50.0% |
Savings by income group
Of those surveyed, income unsurprisingly seemed to have a clear influence on the amount saved.
Among respondents earning under $20,000, the vast majority had less than $1,000 in total savings, with over half (51.2%) reporting less than $500 and 48% having savings between $500-$999. This trend continued up to the $40,000-$59,999 range, where more than 98% of individuals also reported savings below $1,000.
Things begin to shift when looking at those who have an income of $60,000 and over. The majority (65.5%) of those earning $60,000 - $79,999 had more than $1,000 in savings. In the highest income bracket ($150,000 and more) nearly three-quarters (72.7%) said they had over $10,000 in savings, with almost no one reporting balances under $1,000.
| Savings by Income Group | |||||
|---|---|---|---|---|---|
| Income Group | Less than $500 | $500–$999 | $1,000–$4,999 | $5,000–$9,999 | $10,000+ |
| Less than $20,000 | 51.2% | 48.1% | 0.4% | 0.2% | 0.2% |
| $20,000–$39,999 | 50.8% | 47.4% | 0.6% | 0.4% | 0.8% |
| $40,000–$59,999 | 50.1% | 47.4% | 0.6% | 0.4% | 0.8% |
| $60,000–$79,999 | 10.3% | 24.1% | 41.4% | 6.9% | 17.2% |
| $80,000–$99,999 | 0.00% | 33.3% | 16.7% | 25.0% | 25.0% |
| $100,000–$149,999 | 0.00% | 22.2% | 33.3% | 11.1% | 33.3% |
| $150,000+ | 9.1% | 9.1% | 9.1% | 0.00% | 72.7% |
Where do people keep their money?
While savings amounts vary from person to person, our survey also explored where people store their money, from checking accounts to assets like property and cryptocurrency.
Across nearly every category, most people reported holding less than $1,000 in cryptocurrency (51.4%), property assets (48.5%), and even in cash (48.4%).
| Category | Less than $1,000 | $1,000–$9,999 | $10,000–$49,999 | $50,000–$99,999 | $100,000+ |
|---|---|---|---|---|---|
| Category Checking Account | Less than $1,000 45.3% | $1,000–$9,999 50.0% | $10,000–$49,999 3.9% | $50,000–$99,999 0.6% | $100,000+ 0.2% |
| Category Retirement Savings | Less than $1,000 47.4% | $1,000–$9,999 45.3% | $10,000–$49,999 4.8% | $50,000–$99,999 1.4% | $100,000+ 1.2% |
| Category Cash Holdings | Less than $1,000 48.4% | $1,000–$9,999 47.0% | $10,000–$49,999 3.6% | $50,000–$99,999 0.7% | $100,000+ 0.3% |
| Category Property Assets | Less than $1,000 48.5% | $1,000–$9,999 43.9% | $10,000–$49,999 3.3% | $50,000–$99,999 2.1% | $100,000+ 2.2% |
| Category Stocks | Less than $1,000 49.3% | $1,000–$9,999 45.8% | $10,000–$49,999 3.6% | $50,000–$99,999 0.8% | $100,000+ 0.5% |
| Category Cryptocurrency | Less than $1,000 51.4% | $1,000–$9,999 44.7% | $10,000–$49,999 3.2% | $50,000–$99,999 0.5% | $100,000+ 0.1% |
Checking, savings, and high-yield accounts
The most common place for storing money is a checking account, with half of all respondents saying they had $1,000 and $9,999 in checking, but 45.3% had less than $1,000.
Retirement accounts
Retirement savings are one of the few categories where balances trend higher. While 47.4% of people had under $1,000 saved for retirement, a slightly smaller share, 45.3% had between $1,000 and $9,999.
However, only 1.2% had $100,000 or more, and just 1.4% had $50,000-$99,999. Despite the low percentages, retirement accounts had the second-highest amounts with over $100,000, second only to property assets.
Investment accounts
When it comes to investments like stocks, mutual funds, and ETFs, most people have very little money tied up.
Nearly half (49.3%) reported holding under $1,000, while just 0.5% had over $100,000. Another 3.6% held $10,000-$49,999, indicating that a small minority are actively investing at that level.
Property investments/holdings
Even property, a high-value asset, shows a wide spread. Nearly half (48.5%) reported property holdings under $1,000. Only 2.2% had $100,000 or more in property holdings, while a combined 5.4% held between $10,000 and $99,999.
Cryptocurrency
Cryptocurrency has gained popularity over the last decade, [3] Statista. "Global Cryptocurrency User Base". Accessed June 18, 2025 https://www.statista.com/statistics/1202503/global-cryptocurrency-user-base yet it still remains lightly held by respondents, with over half holding less than $1,000, and only 0.1% reported having $100,000 or more in crypto.
Even mid-range holdings were rare, with just 3.2% holding $10,000-$49,999 and 0.5% holding $50,000-$99,999.
Cash
Despite living in a digital world where we can pay, transfer, and check money online, there are still nearly half of U.S. adults who keep between $1,000 and $9,999 in cash, compared to 48.4% holding under $1,000 in physical cash.
How confident are people about their finances?
The study revealed that the majority (97.4%) of respondents were at least somewhat confident of being able to cover essential monthly expenses and many (96.9%) were confident in their ability to repay their debts, but there were some uncertainties, with over half of respondents in both (50.4% and 51%) survey questions, not fully confident.
| How confident are you that your income covers your essential monthly expenses?* | Percentage of respondents (%) |
|---|---|
| Somewhat confident | 50.27% |
| Very confident | 47.12% |
| Not very confident | 1.53% |
| Not at all confident | 1.08% |
Data note: essentials covers rent/mortgage, utilities, groceries, transport, healthcare, debt payments, and insurance.
The survey also revealed how confident people were around covering essential expenses, managing debt and being financially prepared for emergencies.
Covering essential costs
Almost half of respondents (47%) said they were very confident that their income covers essential monthly expenses such as rent, groceries, transport, and healthcare. A slightly higher share (50.4%) said they were somewhat confident, meaning that a combined 97.4% of respondents felt at least some level of confidence in meeting these costs.
Only 2.6% reported being not very confident or not at all confident.
Confidence in managing debt
Confidence levels were similar when it came to repaying debt, with 45.9% saying that they were very confident and 51% said that they were somewhat confident in their ability to manage repayments.
Fewer than 2.3% of respondents reported being “not very” or “not at all” confident, while 0.9% said they had no debt.
Emergency fund preparedness
Just over half of respondents (50.5%) said they had an emergency fund capable of covering three months of expenses, a commonly recommended benchmark for financial preparedness. [4] Chase. "How Much Should I Have in an Emergency Fund?". Accessed June 18, 2025 https://www.chase.com/personal/banking/education/budgeting-saving/how-much-should-i-have-in-emergency-fund
The remaining 49.5% said they did not have this safety net in place, which may leave some individuals financially vulnerable to unexpected financial shocks such as job loss, illness, or family emergencies. [4] Chase. "How Much Should I Have in an Emergency Fund?". Accessed June 18, 2025 https://www.chase.com/personal/banking/education/budgeting-saving/how-much-should-i-have-in-emergency-fund With almost half of respondents unprepared for unexpected costs, it highlights how starting an emergency fund can be challenging.
How people handle their finances
Everybody handles their finances differently, with different priorities and reasons for saving money. But for many, financial pressure is a regular part of life, with the majority of respondents (57.5%) admitting to feeling worried about their finances. According to a survey from Bankrate, 47% of people said that money has a negative impact on their mental health, including stress – highlighting the effect finances can have on somebody’s life. [5] Bankrate. "Money and Financial Stress Statistics". Accessed June 18, 2025 https://www.bankrate.com/banking/money-and-financial-stress-statistics/
The biggest source of worry was paying bills, selected by 46.3% of respondents, followed closely by the cost of housing (41.6%). Concerns about debt, inflation, and saving enough for the future were less common, but still picked by some.
| The biggest financial worry | Percentage of respondents (%) |
|---|---|
| Cost of housing | 41.6% |
| Paying off debt | 3.1% |
| Saving enough for the future | 2.3% |
| Inflation/price increases | 1.8% |
| I’m not currently worried about money | 0.4% |
| Other | 0.2% |
Reasons for saving money
The main reason for saving money is to save up an emergency fund or for retirement. Showing that people use savings as a form of long-term security and protecting against the unexpected.
Other saving goals such as major purchases, travel, or growing wealth were less common.
| Reasons for saving money | |
|---|---|
| Reason | Percentage of respondents (%) |
| Emergency fund | 47.9% |
| Retirement | 45.5% |
| To grow wealth | 1.4% |
| Travel/leisure | 1.4% |
| Major purchase | 1.4% |
| Education | 0.2% |
| I don’t currently save | 2.1% |
| Other | 0.1% |
How financial situations have changed
Looking back over how personal finances have changed in recent times, nearly half (49.8%) said their situation has changed over the past 12 months, while 48% said that it was about the same. Just 2.2% said things had worsened, suggesting that while many may worry about their finances, the majority feel they’ve held steady or made progress over the past year.
Getting help from family
Finances aren’t always straightforward. Despite the majority of respondents (97.4%) showing their confidence in covering their costs, still over half (50.3%) required help from parents or guardians in the last 12 months. This shows that family support can play a role in many people’s financial lives.
Methodology
A survey was carried out on behalf of Self Financial in April 2025, asking 1,114 U.S. adults about their personal finances — including spending habits, savings behavior, debt levels, financial confidence, and support systems. The aim was to better understand how people are managing their money in 2025 and how those habits vary across different population groups.
The survey captured a broad demographic cross-section, including respondents of different ages, genders, and income levels. Questions covered topics such as monthly budgeting, emergency fund preparedness, reasons for saving, and financial stress.
In addition to survey results, this article includes supplementary statistics from official sources such as the Bureau of Labor Statistics (BLS) and U.S. Census Bureau to provide national context.
Sources
- [1] Bureau of Labor Statistics. "Consumer Expenditures – 2023". Accessed June 18, 2025 https://www.bls.gov/news.release/cesan.nr0.htm
- [2] U.S. Bureau of Economic Analysis. "Personal Saving Rate". Accessed June 18, 2025 https://www.bea.gov/data/income-saving/personal-saving-rate
- [3] Statista. "Global Cryptocurrency User Base". Accessed June 18, 2025 https://www.statista.com/statistics/1202503/global-cryptocurrency-user-base
- [4] Chase. "How Much Should I Have in an Emergency Fund?". Accessed June 18, 2025 https://www.chase.com/personal/banking/education/budgeting-saving/how-much-should-i-have-in-emergency-fund
- [5] Bankrate. "Money and Financial Stress Statistics". Accessed June 18, 2025 https://www.bankrate.com/banking/money-and-financial-stress-statistics/
